The government has a pervasive presence in economic activity, with public enterprises active in petroleum product distribution, banking, imports of basic products, telecommunications and a wide range of other businesses. According to the 2013 Index of Economic Freedom, which measures the degree of limited government, market openness, regulatory efficiency, rule of law, and other factors, economic freedom has been increasing each year since 2010.
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Published on November 20, 2015
Despite being dwarfed by other African countries, the Seychelles archipelago in the western Indian Ocean is aiming to become a hub for trade between African nations, emulating small countries such as Singapore which acts as an Asian hub for the global commodities trade.
Speaking at the island’s ‘African Prosperity conference’ the Chairman of the Seychelles Chamber of Commerce and Industry, (SCCI) Marco Francis said: "I have travelled to many parts of Africa. Africa has some very good structures to do business. African businessmen have the same vision as we do, they want to do business and they want to expand. Let’s partner together.” Read more. Source | Africa Business Review
Published on July 06, 2015
The Seychelles archipelago of 90,000 people has been accepted into an exclusive club of 83 nations on the World Bank’s ‘high income’ list.
The Seychelles, together with Argentina, Venezuela, and Hungary, have all graduated to the top earners list this year.
In a press statement issued on Thursday afternoon, the Seychelles President, James Michel, welcomed the recognition of Seychelles’ economic progress from the international institution.
“A combination of factors has enabled us to achieve this graduation, not least, the successful economic reform programme undertaken since 2008, the diversification of our economy and the growth of investment in tourism,” said President Michel, who had in June 2014 spoken publicly about the prospect of Seychelles joining the high-income group, which was reinforced by a US-based analyst’s report that this was ‘highly likely.’
“The hard work, resilience and innovation of the Seychellois people has brought results and we are committed to continue on this path. We have achieved this together, and if we all continue to work together we can achieve much more for our country and people.” Read more. Source | Seychelles News Agency
Published on June 15, 2015
Leaders from 26 African countries yesterday signed an ambitious declaration in Sharm El Sheikh, Egypt to establish a wide-reaching free-trade zone across almost the entire eastern half of the African continent.
The smallest member state of all, the 115-island archipelago of Seychelles, which lies off the eastern coastline of Africa and has a population of just 90,000 people, is upbeat about the possibilities the agreement could bring for the remote island nation.
The Tripartite Free Trade Agreement (TFTA), which incorporates member countries from the East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA) and the Southern African Development Community (SADC), will stretch from the southernmost tip of the continent to the northernmost country of Egypt.
The fast-growing region, which encompasses over 600 million people and a combined Gross Domestic Product of $1.2 trillion will be able to trade with each other more cheaply through the agreement, which will effectively remove tariffs and customs duties for domestically-produced goods traded between their borders. Read more. Source | Seychelles News Agency
Published on March 30, 2015
The Seychelles President Michel has signed the legal instrument for the Seychelles’ accession to the World Trade Organisation, WTO. This comes a day after the accession protocol was ratified by the archipelago’s National Assembly.
The signed document which Michel presented to WTO’s Director of the Accessions Division, Chiedu Osakwe, at State House, in the Seychelles capital of Victoria, paves the way for the island nation to become a full member of the organisation in 30 days. Read more. Source | Seychelles News Agecy
Published on March 27, 2015
The Seychelles parliament ratified the WTO's accession protocol on 24 March officially making it the 161st member of the organisation.
Negotiations to finalize Seychelles accession concluded at the end of last year with the WTO Working Party signing off on the island nation’s accession terms in October 2014.
Following the approval of the accession terms by the WTO General Council in December last year, the accession package needed to go through the ratification process in Seychelles before June 2015.
Following the ratification of the accession protocol earlier this week, Seychelles President James Michel signed yesterday the legal instrument to formalise Seychelle’s accession to the WTO. Read more. Source | Brookings